Duke Street Capital has acquired UK food business Food Partners from GIMV and the Pan European Food fund for an undisclosed sum. Food Partners was created in 2001 through the acquisition and merger of four sandwich companies. The company now has three production units and two distribution centres from which it covers the entire country with its 114 refrigerated delivery vans. Food Partners has annual sales of over £50m with over 1,000 employees.
The sale of GIMV’s stake in Food Partners had a positive net impact of €3m (€0.13 per share) on GIMV’s last published equity value as of December 31, 2005.